How to earn money with NFT?
The world is changing at a very fast pace and so do the ways of income. To talk in very layman’s language businesses are changing and it ultimately leads to newer ways to invest in something which might be valuable in near future.
With the explosion of blockchain technology in recent times, we are coming across many new things but some seem very sensational due to their value and one of them is — NFT.
What does NFT means ?
NFT stands for ‘Non-Fungible Token’ which means it is very unique. Let’s understand it in bitcoin concept.
Bitcoin is Fungible meaning you can trade one bitcoin for another and both will be the same. This is not the case with NFT. Here one NFT is different from any other NFT available.
How to earn from NFT?
Last year, 2021 saw tremendous growth for NFTs. The report says sales hit $2.5 billion in the first half of the year.
There are two major ways to earn money from NFTs.
- The first is to sell your unique NFT and
- the other is to trade with NFT.
Let’s Understand how to sell NFT first. You have to upload your content on the marketplace which will be converted into NFT and then wait for it to sell.
There are several marketplaces where you can upload your content as NFT. There are dozens of marketplaces for you to choose from. To name a few, OpenSea, Mintable,Axie Marketplace, Rarible, and SuperRare.
After filling out the essential information on the selected marketplace, and completing the upload and mint process, you can list it for sale. Marketplace will calculate “Gas Fees” once you successfully upload it for sale as most NFTs follow the Ethereum blockchain network.
The other option to earn from NFT is to trade NFT. Here you can buy and sell NFT from the given platforms only you have to skip the “mint” option on the marketplace.
Future of NFT :
Now everything is almost going digital, NFTs are going to stay and put their mark just as physical art kept its value in the world up until now. Many experts say, NFTs will go beyond just art and gaming space and this has already caught the attention of many wealthy buyers to keep their investing game up.
Very famous Amitabh Bachchan, Kamal Haasan, Sonu Nigam, and Salman Khan are some of the first in Bollywood to have taken to NFTs in India. Last year, Bollywood star Amitabh Bachchan’s NFT collection sold for approximately 7 crores.
Let us know in the comment section what do you think about NFTs being the future or just a fad?
